CBRE Arranges Sale of 784-Unit Multifamily Portfolio in Milwaukee Metro

CBRE has facilitated the sale of an 11-property multifamily portfolio, featuring a mix of suburban garden-style and urban low- and mid-rise properties, in the Milwaukee metro area to Katz Properties for an undisclosed amount.

CBRE’s Patrick Gallagher, Matson Holbrook and Gretchen Richards represented the seller, Blankstein Enterprises and several affiliated entities, in the transaction. Blankstein is a third-generation, family-owned investment and property management firm established in Milwaukee in 1932. 

The portfolio consists of the 196-unit Sunburst Apartments and 48-unit Howard Garden Apartments in Greenfield; the 164-unit Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee’s East Side neighborhood. Additionally, A 2,520-sq.-ft. building leased to Einstein Bros. Bagels in Shorewood was included in the sale. 

“Working hand-in-hand with the seller, we crafted a targeted and highly confidential marketing strategy and are extremely pleased with the results,” said CBRE’s Gallagher. “This portfolio offered a once-in-a-lifetime acquisition opportunity, and we are thrilled to see it pass on to another strong, local operator.”

The transaction follows the sale of two Blankstein-affiliated properties last week in Milwaukee and Sheboygan counties.